SM to open flagship Nuvali mall on November 27

SM Supermalls is optimistic to hit continued growth in the fourth quarter of the year, banking on holiday spending and the anticipated release of expected blockbuster movies, along with the opening of a major mall in Luzon.

According to SM Supermalls president Steven Tan, the company is looking to sustain its performance so far this year after reporting P41.8 billion in revenues and a record-high 96% in longterm occupancy in January to June.

“We’re very optimistic about it as like, what happened in the first six, seven months of the year. It has always been very positive. Another good thing is the lineup of movies for the last quarter is very, very exciting,” he said.

Tan also cited the opening of SM Nuvali — which will have a 1-hectare indoor garden — on November 27, featuring technology similar to that of Singapore’s Gardens by the Bay that allows for sunlight to enter, but reflects the heat.

SM Supermalls is looking to end the year with 91 malls, after it opened its 90th mall, SM Zamboanga, in March.

The mall operator is set to add 70,000 square meters of gross floor area to three malls in its regional portfolio in the fourth quarter — SM Sto. Tomas in October, SM Naga in November, and SM Iloilo. It will also redevelop SM Aura during the quarter.

“We’re quite optimistic with all these new investments and all these new technologies that we are investing in and launching to the public that endears us to them,” Tan said.

“Innovation is key. Innovation, again, is not a one-time bigtime thing, but everyday, constantly, you have to keep on innovating because the consumers’ preference has always been changing as well,” he added.

The company targets to have a total of 100 malls by 2028. Among those in the pipeline are malls in Tagum, General Trias, Harrison Plaza, Bohol, and Malolos.

SM Prime, the parent of SM Supermalls, has set a P100-billion capital expenditure (capex) program for the year as it seeks to sustain the growth of its retail and commercial segments. — LA, GMA News